Miniso is a Chinese retailer and designer brand specializes in house goods and cosmetics founded in 2011 by a young Chinese entrepreneur Ye Guofu and co-founded by Japanese Designer Mr. Miyake Junya. It holds a wide range of product categories including cosmetics, home goods, digital accessories, stationery kitchenware and much more under a single hood and it follows the philosophy of “simplicity, nature and good quality”.
WHY IS MINISO ( A 100% CHINESE COMPANY ) PRETENDING AS JAPANESE COMPANY ?
Initially claiming to be a famous Japanese brand, despite operating in Mainland China have no outlets in Japan. Yes this company is pretending. It does not exists in Japan & Korea but openly advertise their flag stores in Japan. There’s another one called Mumuso which I believed it’s same kind of Dollar store claiming to be Korean origin, but not single business address was found from Korea, and you know the irony is Miniso stores plays Japanese pop music.
Miniso has since expanded outside of China and opened over a thousand stores worldwide.
OPERATION IN INDIA
Since throwing its doors open for business with the launch of its very first store in China back in 2013, Miniso may have subtly wriggled its way into the sub-conscious of the average lifestyle shopper in various world countries as the go-to store for all things chic and cheap.
The Indian economy was one of the fastest growing economies in the world. Many American and European brands have dominated the lifestyle industry here and have thrived. Noticing the opportunity and gauging a huge growth potential that the market had to offer Miniso started its operations in India in August 2017, with a total of 26 stores, out of which 21 in Delhi region and 3 in Mumbai, 2 in Lucknow and 1 in Bangalore. The company plans to expand business in India by increasing its footprint across the country. The company aims to open 800 stores by the end of the year.
In two years since its launch in India, Japanese value retailer Miniso has opened 110 stores across 41 cities.The company achieved its annual target of ₹ 700 crore revenue for 2017-18 in India with an average ticket size, which is 1.5 times higher than its other global markets.The company considers India as among the top 5 contributors to its global revenue. Miniso will expand its presence in India through both company-owned model and franchise partners.
The Indian consumers are very confident and the good thing is that the customer is very aware and its easy to get feedback.
It is a brand which resonates with simplicity, nature, good quality and affordable prices—products are priced between R75 and R1500, making the brand accessible to everyone. Miniso’s pricing strategy was built keeping in mind the middle and the upper middle class, the youth and Generation Z, with enormous attention being paid to design which is its USP. The products offered by the company cater to various audiences across income groups and interests.
Indians love the most include lifestyle, fashion accessories and health & beauty products as they are the best-sellers, contributing to 65% of Miniso’s total annual sales.
MINISO is a brick-and-mortar-only business model built around the reality of a world with e-commerce and the brand follows a unique aesthetic and takes care of its customers’ needs, managing to do what most online stores cannot: provide a great shopping experience to all its customers.
INDIA IN MINISO’S GLOBAL SCHEME OF THINGS IN FUTURE ?
Miniso considers ‘India is the future’. This future is not just about selling products. One side is of purchasing products and doing the business from here. Also India has an advantage because young people here can speak English well which can help them hire more people from India and send them to different countries, different branches. This can be benifitial in terms of employment growth in India
The Indian market has a vast potential for brand expansion and Miniso intends to follow through on the opportunity—keeping the Indian taste and preferences in mind. The increasing consumer base and rising demand for the brand has allowed Miniso to penetrate the tier II and tier III cities as well, that too in such a short span of time. MINISO’s core consumers are those between the ages of 18 and 35 in urban areas. With smaller budgets, but good taste, these consumers have flocked to MINISO around the world for its low prices and sensible design for lifestyle products in beauty, fashion and consumer electronics.
Categories: Guest-Posts, India, News, World
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